IRS Begins Sending Economic Stimulus Plan Payments
Direct deposit still best way to fastest IRS payments
WASHINGTON, DC (April 29, 2008) -- If you filed a tax return and chose direct deposit for a
refund, your economic stimulus plan payment from the IRS should show up in your bank account
soon, if you filed by April 15 and used direct deposit. In fact, some folks have already seen the
increase in their bank accounts.
The IRS is issuing payments up to $600 ($1,200 for married couples) plus $300 for eligible children
younger than 17, throughout the spring and summer. The first wave of payments will go to taxpayers
who opted for direct deposit on their 2007 income tax returns.
“People who chose direct deposit will receive their payments the quickest,” IRS Commissioner Doug
Shulman said. “We know there are many people who are eligible for an economic stimulus payment
who have not filed a tax return. If you think you may be eligible, even if you don’t normally file a tax
return, please check it out. And, use direct deposit to get your payment faster.”
Whether or not a taxpayer chose direct deposit determines how soon the payment will arrive. The
first paper checks began going out on May 9.
Even people who normally do not have a filing requirement may be eligible for the stimulus payment.
People who have no filing requirement must have at least $3,000 in qualifying income. Qualifying
income includes any combination of earned income, nontaxable combat pay they elect to include in
earned income and certain payments from Social Security, Veterans Affairs and Railroad Retirement.
Those who normally don't file, but had at least $3,000 in qualifying income in 2007 may qualify for a
stimulus payment of $300 ($600 for married couples) plus the $300 per qualifying child payment.
However, they must file a 2007 income tax return by Oct. 15 , 2008, to receive a stimulus payment.
The payment schedule announced earlier this year is for people who filed early enough to have their
tax returns processed by April 15. People who did not submit a return in time for it to be processed
by April 15 may see their stimulus payments later than the scheduled dates. Below is a timetable for
economic stimulus payments for tax returns processed by April 15, 2008:
Direct Deposit Payments
Last two digits of Social Security number Stimulus payment should be transmitted
to your bank account by:
00 - 20 May 2
21 – 75 May 9
76 – 99 May 16
Last two digits of Social Security number Check should be in the mail by:
00 – 09 May 16
10 – 18 May 23
19 – 25 May 30
26 – 38 June 6
39 – 51 June 13
52 – 63 June 20
64 – 75 June 27
76 – 87 July 4
88 – 99 July 11
Some taxpayers may receive smaller payments than they anticipated. By law, the stimulus payments
are offset to satisfy past-due taxes, student loans, child support and certain other government debts.
The IRS is sending notices to taxpayers who have already filed a 2007 tax return and are eligible for a
stimulus payment. The notice will serve as an important record keeping document and should be
retained by taxpayers.
Source: U.S. Internal Revenue Service
For additional information visit the Internal Revenue Service website at irs.gov
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